Singapore Real Estate
Developers confident of beating 2020 ABSD deadline
Seven housing projects facing additional buyer’s stamp duty (ABSD) deadlines next year have yet to sell all their units – but their developers are confident these will be sold in good time, following an opportune mix of strong demand and low supply at launch that allowed them to rack up brisk sales. According to data from real estate consultancy Cushman & Wakefield, the projects have a total of 95 unsold units.
More HDB resale flats sold in Oct after policy changes kick in
More Housing and Development Board (HDB) resale flats were sold last month compared with previous months after higher grants and income ceilings for first-time buyers took effect in September. In all, 2,213 HDB resale flats changed hands, an 18 per cent increase from September, real estate portal SRX Property said on Thursday. Compared with a year ago, the resale volume was 10.6 per cent higher.
Two ground-floor shop units at Alexis in Alexandra up for sale by tender
Two freehold ground-floor units with F&B potential located at mixed-use development Alexis in Alexandra Road are up for sale at an indicative price of S$10 million, said marketing agent CBRE on Thursday. This works out to approximately S$3,259 per square foot (sq ft), based on the units’ strata area.
SPH Reit takes A$670m stake in South Australia mall
SPH REIT is expanding its footprint Down Under, with a deal inked on Thursday for a half-stake in a freehold mall, Westfield Marion Shopping Centre, in the state of South Australia. The transaction with Lendlease Real Estate Investments comes at a price tag of A$670 million (S$627.9 million), to be funded by a recent perp issue, plus debt and/or equity fund-raising, the manager said.
GIC buys 50% stake in 42-storey Beijing office building
Singapore sovereign wealth fund GIC has bought a 50 per cent stake in a Beijing office building for an undisclosed sum, making it the sole owner post-acquisition. The Grade A 42-storey building is located in the centre of the Lize Financial Business District, and is the district’s tallest building.
Capital World subsidiary pulls out of Malaysian land deal
Catalist-listed property developer Capital World, which recently had its ability to continue as a going concern flagged by its auditor, saw a subsidiary scrap its plans to buy a Malaysian company that held joint development rights for some land in Johor. Wholly-owned Capital World subsidiary Baiduri Megaria on Thursday revoked the agreement to buy Kekal Efektif, the board disclosed in a bourse filing late that night.
Q3 DPU for Lippo Malls Indonesia Retail Trust up
Lippo Malls Indonesia Retail Trust (LMIRT) upped its third-quarter distribution per unit (DPU) to 0.56 Singapore cent, from 0.49 Singapore cent before, in results out on Thursday. Distributable income rose by 29.5 per cent year on year in the quarter to Sept 30, to S$18 million, as net property income grew by 11.8 per cent to S$44.1 million. Gross revenue, which includes malls’ car park income and service charges…|
Peer review of reports on EHT’s Queen Mary in the works
More clarity over the condition of Eagle Hospitality Trust’s Queen Mary floating hotel is expected as soon as this month, when a peer review of the critical issues that were flagged in previous inspection reports is expected to be completed. The City of Long Beach, which leases the retired cruise ship to the Reit, has hired an experienced local engineering firm to give a second opinion on the monthly inspection reports…
Koh Bros Q3 net profit down by 38.6% to S$1.01 million on construction weakness
Mainboard-listed construction player Koh Brothers saw third-quarter net profit plunge on lower sales, as the construction and building materials division recognised less revenue. Earnings for the three months to Sept 30 fell by 38.6 per cent year on year, to S$1.01 million, as turnover dropped by 20.9 per cent to S$94.4 million, according to results out on Thursday.
Genting Q3 profit dips; ploughs on with RWS 2.0
Resorts World Sentosa operator Genting Singapore saw its third-quarter profits plunge, according to results released on Thursday, with the company blaming “headwinds”. Net profit for the three months to Sept 30 fell by 24.5 per cent year on year, to S$158.9 million, as higher sales costs out-paced the top-line fall.
Views, Reviews, Forum & Others
EHT listing should have been a no-no with SGX
Over the past week, The Business Times has done some excellent reporting on Eagle Hospitality Trust (EHT). Listed just five months ago, it has already managed to destroy almost 40 per cent of shareholder value. The catalyst has been the controversy around the Hotel Queen Mary, but the real issue is simply the quality of the Reit. Two major red flags in the IPO prospectus show that it should never have been…
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